Based on data released last week, continued GSP expiration cost American importers another $55 million in November 2014. For New Mexico, November 2014 was the most costly month yet in terms of unnecessary taxes paid because of GSP expiration, driven largely by above average imports of jewelry from the Philippines and Turkey. From August 2013...
Continue readingBased on data released this week, continued GSP expiration cost American importers another $58 million in August 2014. For a number of states – Georgia, Kansas, Michigan, Missouri, New Hampshire, Wisconsin, and Wyoming – August 2014 was the most costly month to date in terms of tariffs paid. (Depressing that we now must use the...
Continue reading“We have delayed hiring 4 employees due to the expiration of the GSP. Also, our company was planning on investing in a warehouse expansion – about a $300,000 capital expenditure – that has now been cancelled.” The above quote came from a California-based importer of specialty foods from Indonesia. On top of $50,000 in tariff...
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